Parent Company of Avalon Park Group Acquires Major Share of Swiss Beverage Producer Thurella A.G.

 ORLANDO, FL. --- Kahli A.G., the parent company of Avalon Park Group in East Orlando, recently acquired a 6.5 percent stake in Thurella A.G. (BRN:TRLN), a Swiss beverage producer that specializes in fruit and vegetable juices.

 Beat Kahli (top right photo), who heads Avalon Park Group, said the 6.5 percent stake makes Kahli A.G. one of the three largest shareholders in Thurella A.G., a traditional, 100-year-old company.

For more information,  contact:  

Stephanie Hodson, Marketing Director, Avalon Park Group, 407-658-6565;  

Beat Kahli, Owner/Founder, Avalon Park Group, 407-658-6565;  

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

HFF closes $176 million sale and arranges $130 million financing for three Class A office buildings at the Houston Galleria

  

 HOUSTON, TX –HFF announced today that it has closed the $176 million sale of and arranged $130 million in financing for three Class A office buildings totaling 1,065,628 square feet that are part of the Houston Galleria (top left photo).

HFF marketed the property on behalf of the seller, an affiliated entity of Walton Street Capital, L.L.C., and procured the buyer, Unilev Capital Corporation. 

“During the process interest rates increased substantially.  Unilev and the lender committed to close the transaction and both closed as originally agreed to, which is a testament to their character and abilities to bring capital in an ever changing marketplace,” said Robert Williamson (middle right photo) of HFF.

HFF worked exclusively on behalf of the buyer/borrower, Unilev Capital Corporation, to secure the 10-year, fixed-rate acquisition loan through J.P. Morgan Chase Bank, N.A.  The loan will be serviced by HFF. 

“Dan and Raymond Levy worked diligently to close this transaction for Unilev and displayed the highest level of professionalism through the entire process,” added Williamson. 

Located at 2700 Post Oak Boulevard, 5051 Westheimer and 5065-5075 Westheimer, the properties are part of the Houston Galleria, a mixed-used development that includes 2.3 million square feet of upscale retail space, two Westin hotels with 893 rooms, three office towers and parking for 12,685 vehicles.

The Houston Galleria anchors the Galleria/West Loop office submarket and is located about five miles west of downtown Houston.  Tenants at the 90 percent leased office towers include Air Liquide, Southern Union, Merrill Lynch, Citigroup Global Markets, UBS, Banco Santander and BBVA Bancomer.

The HFF investment sales team representing Walton Street was led by senior managing director Robert Williamson. 

HFF senior managing director Wally Reid (lower left photo)  led the team representing the borrower, Unilev Capital Corporation.

Contacts:    

Robert Williamson, HFF Senior Managing Director, (713) 852-3500 rwilliamson@hfflp.com

 Wallace Reid, HFF Senior Managing Director, (713) 852-3500, wreid@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, 713) 852-3500 krmurphy@hfflp.com

 

Palmer Electric Completes Citrus Club Renovation in Orlando

WINTER PARK, FL,  Feb.  24, 2011 — Palmer Electric Company completed its contract with Turner Construction Company for the renovation of the Citrus Club (top left photo) located on the 18 floor of the BB & T building (lower right photo) in downtown Orlando, Fla.

 Under the scope of its contract, Palmer provided electrical contracting and the installation of a new fire alarm system for the front-of-the-house area that encompasses 18,064 square feet of dining rooms, bar and meeting rooms. The project was completed in four months.

PVK Architects Inc. of Orlando, Fla., was the architect of record. The Citrus Club Inc. is the project’s owner.  

Palmer Electric Company is a provider of electrical contracting, service and energy saving technologies to commercial, institutional, industrial, utility and residential customers since its founding in 1951.

 Located in Florida, the company is headquartered in Winter Park with a residential division office in Jacksonville. 

For additional information, visit http://www.palmer-electric.com/

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Parkside Partners Sells Chamblee, GA Building to AGL Resources

 ATLANTA, GA - Parkside Partners, LLC, an Atlanta based development and brokerage firm, recently sold a building (top left photo) it owned in Chamblee, Georgia to AGL Resources that will serve as the new location of the gas company’s Peachtree Service Center.  Parkside has been hired to AGL to handle the redevelopment of the building.

AGL acquired the 20,500 square foot building, located one-half mile from the former Doraville GM Plant, from RP Partners, LLC in late December 2010.  AGL’s planned renovation of the building will include a complete interior upgrade, exterior improvements, and new landscape and sidewalks with streetlights and street-trees.

The renovations are scheduled to start in March, and the Peachtree Service Center employees will occupy the building by the end of June.  The center will bring more than 50 jobs to the area, and has a total capital budget of $4 million.

“Parkside Partners has been a tremendous asset to the City of Chamblee,” said Chamblee Mayor, Eric Clarkson (middle right photo).  “They have been able to bring economic development to the City of Chamblee in these trying market conditions.

“They understand the vision of the City and seem to be more than happy to help us realize that vision by incorporating the design guidelines found in our zoning ordinances into the building of their developments.”

RP Partners, a partnership between Parkside Partners and RACO General Contractors, acquired the building in March 2008.  When Ingersoll Rand, which had leased and occupied the building the past 10 years decided to relocate when its lease expired, Parkside approached AGL about acquiring and completing an adaptive re-use of the building and 2.8 acre site.

The sale to AGL closed on Dec. 29 for a purchase price of $2.98 million.  Parkside Partners’ principal, Kyle Jenks, (middle left photo) represented RP Partners and Jim Sanders of ICON Commercial represented AGL.

The AGL Building redevelopment is the latest of several development projects Parkside Partners worked on in Chamblee. 

 Parkside’s other Chamblee developments include 3401 Malone, a warehouse Parkside converted into a loft office space for WGSI, a division of URS Corporation, and 5256 Peachtree (lower right  photo), another converted loft office building where Parkside relocated its offices and has attracted ten additional tenants.

“Combined, Parkside Partners has been involved in nearly $16 million of redevelopment in Chamblee in the past two years, and we made it our new corporate home,” Jenks said. 

 “We are committed to the City.  Chamblee’s accessibility with the MARTA Station, and its proximity to Buckhead, Perimeter Center and major highways, make it a great location to work.”

  
Parkside Partners is recognized as a leader in the development of boutique office buildings, adaptive re-use projects, and office condominium buildings.  Since its inception in 2003, Parkside has completed 15 developments totaling over 550,000 square feet of office space in the Atlanta area.

 For additional information on Parkside Partners, please visit http://www.parksidepartners.com/

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Contact:  Laura Dudebout, (678) 642-4301

ldudebout@wilbertnewsstrategies.com

Colliers International Recruits Warren Dahlstrom as President of Investment Services

SEATTLE, WA. /PRNewswire/ -- Colliers International announced today that it has taken a major step in the continued growth of its U.S. platform with the hiring of Warren Dahlstrom (top right photo) as president of its Investment Services Group. 

In addition to overseeing Colliers International's investment services group in the U.S., Dahlstrom will be charged with growing the organization through an aggressive business development strategy and key hires of top-tier brokers and other professionals. He is based in Washington, D.C.

"Warren is a unique professional," said Dylan Taylor (lower left photo), chief executive officer for Colliers International in the U.S.  "He has the ideal combination of experience with large and smaller firms, has spent time as an entrepreneur and embodies the kind of collaborative and client centric approach that makes him a perfect fit for Colliers International.

“The entire organization is looking forward to his immediate contribution to our strategic growth plan."

Dahlstrom has represented owners and investors of institutional commercial real estate since 1986 and has sold, financed or built property valued in excess of $6 billion across the office, retail, industrial, land, hotel and apartment sectors.

Most recently, Dahlstrom was the principal of his own firm, Dahlstrom Real Estate Advisors. 

Contact:: Richard Mulieri, Richard@themarino.org, or Parke Chapman, Parke@themarino.org, both of The Marino Organization, +1-212-889-0808

Web Site: http://www.colliers.com/

Jones Lang LaSalle Awarded Leasing of 1.1 Million SF Class A Office Building in Downtown Los Angeles

LOS ANGELES, CA, Feb. 24, 2011 – Jones Lang LaSalle has been awarded the leasing for Aon Center (top left photo) at 707 Wilshire, a 62-story, 1.1 million-square-foot, Class A office building in Downtown Los Angeles.

Leading the leasing efforts for the property are Jones Lang LaSalle Managing Director John McAniff, Vice President Tim Miller and Associate Marin Rutherford, along with Andy Fishburn of Means Knaus Partners.

“Jones Lang LaSalle was selected for this assignment because of our local market expertise and results-oriented leasing strategies,” said McAniff.  “707 Wilshire is Los Angeles’ second tallest building and one of the most recognizable skyscrapers on the West Coast.”

Jones Lang LaSalle was hired by the landlord, an affiliate of Beacon Capital Partners, which acquired the building in 2007.

Featuring world-class views, 707 Wilshire is located in the heart of Downtown Los Angeles’ Financial District. 

The property is within walking distance of the area’s premier restaurants, clubs, hotels, shopping, museums and city parks in urban Los Angeles.  707 Wilshire features 24-hour security, valet and on-site parking, two dining options with meeting rooms and a private auditorium. 

Currently, the property is home to several high-profile tenants including Aon Insurance Services and Wells Fargo.

Contact:  David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

The Salvation Army Selects Jones Lang LaSalle to Manage Redevelopment of Herberger Social Service and Administration Campus in Phoenix

 PHOENIX, AZ — The Salvation Army has engaged Jones Lang LaSalle to provide real estate advisory and development management services for a new social service and administration campus (top left rendering).

The redevelopment, which will take place on The Salvation Army Herberger campus at 2707 E. Van Buren Street in Phoenix, will replace 160,000 square feet of failing space with two new buildings and a renovated warehouse.

The redevelopment also opens six acres at the southwest corner of 28th and Van Buren streets, within the Herberger campus, for new, like-minded development.

“The decision to rebuild was based on a full year of evaluation and planning with The Salvation Army and in close coordination with the City of Phoenix,” said Jim Sadler (middle left photo), Executive Vice President for Jones Lang LaSalle’s Phoenix office.

 “We developed a road map that local Salvation Army advisors and its board of directors can use to navigate significant financial and real estate decisions.”

The Herberger campus redevelopment will transform the aging property into an efficient campus, with the potential to reduce operating and maintenance budgets by as much as $1.1 million per year.

“The Herberger campus is a tremendous resource. Our priority is to remain good stewards of that resource,” said Lt. Colonel Doug Danielson (top  right photo), Southwest Divisional Commander for The Salvation Army in Phoenix. “This plan is the best way to take what we have and make it better for those we serve.”

Phase I of the redevelopment project runs from January 2011 to January 2012 and includes a 40,000-square-foot Divisional Headquarters and a 30,000-square-foot social services building at the site of the current Salvation Army property.

Phase II includes six acres of land at the southwest corner of 28th and Van Buren streets. Now on the market, this parcel is intended for development in early 2012 by a public/public or public/private partnership consistent with the mission of The Salvation Army.

“This is the best time in 20 years to implement a significant corporate campus plan,” said Sadler. “Land availability, construction costs and other financial incentives for corporate users are almost unprecedented.”

Stretching east from Downtown Phoenix, the Van Buren/Washington Street corridor runs alongside the Phoenix Light Rail and is part of the Discovery Triangle, a coordinated initiative fostering redevelopment in cross-city urban areas of Tempe and Phoenix.

Out of respect for the Herberger family and their dedication to The Salvation Army, the new campus will maintain the Herberger name.

Sadler leads the project with Jones Lang LaSalle Senior Vice President of Project and Development Services Chris Carrell (lower right photo)

Supporters can direct financial donations to the Phoenix social service project or their local Salvation Army location by visiting http://www.tsasw.org/.

Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations

(480) 600-0195, http://www.focusaz.com/

Concord Hospitality Enterprises Breaks Ground on Cutting-edge LEED-design

WASHINGTON, PA, Feb.  24, 2010—Officials of Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced the company recently broke ground on the124-suite, LEED-design Courtyard by Marriott Washington Meadow hotel in Washington, Pa., a Pittsburgh suburb.

 The property is slated to open in early summer 2011.  Braun & Steidl Architects are the architects/designers, and McCay Contracting is the general contractor.

“We pioneered the first LEED-design Courtyard prototype in nearby Settlers Ridge, Pa., which opened last year and has been a tremendous success,” said Mark G. Laport (top right photo), president and CEO of Concord Hospitality.  “This project has the same characteristics. 

“We have added a number of new innovations to the LEED-design concept, which will save some 30 percent in related costs, enough to pay back the investment in approximately five years.”

LEED-design improvements include:

 ---More energy-efficient light fixtures and water-saving showers, lavatories and toilet fixtures

---Enhanced heat recovery energy system, which reclaims building exhaust air to pre-heat the building’s fresh air system

---More effective energy management system that further reduces unnecessary heating and cooling run times in unoccupied guest rooms

Located at 1800 Tanger Blvd. in Washington, Pa., the five-story Courtyard by Marriott is north of I-70 and I-79, near Tanger Outlets Mall.  The hotel features upgraded king guest suites that include a six-foot, walk-in shower with quarried Travertine stone.  The redesigned shower eliminates the need for shower doors.

 For more information, visit http://www.concordhotels.com/

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 Contact:  Chris Daly, Jerry Daly, Patrick Daly, (703) 435-6293, jerry@dalygray.com, chris@dalygray.com, patrick@dalygray.com

Crossman & Company Releases ICSC 2010 Florida Retail Report

ORLANDO, FL. --- Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, will be presenting the bi-annual ICSC Spring Florida Retail Report at the ICSC West Florida Idea Exchange on Feb. 24-25, 2011 in Tampa. 

Crossman & Company has produced the report on behalf of ICSC for the past 15 years, and includes contributions from over 45 separate companies throughout the state.

 “We have seen a return to stability in the market in the first half of 2010,” stated Justin Greider (top right photo), the primary author of the report.

 “In nearly every market of the state we have seen the freefall of rents and occupancy leveling off, indicating we may have found the bottom of the market, though significant challenges still remain for owners and retailers alike.”

The report notes that rental rates for the entire state average $14.27 for year-end 2010, down nearly 15% from the peak in the first quarter of 2008.  Occupancy has leveled off at 89%, a decrease of about 6% from its peak in 2006.

 “The outlook for the next 6-12 months is one of cautious optimism,” Greider added, “People throughout the state are very positive, but the recovery is going to be long and slow, and there is still a lot of over-valued product that has to work its way through the system.”

For a copy of the report, please contact:

Justin M Greider, Vice President – Director of Leasing, Crossman & Company, ICSC Southern Division NextGen Chair, 407-581-6225

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

23rd Hunter Hotel Investment Conference in Atlanta Logs Near-record Pre-registrations

ATLANTA, GA,  Feb. 23, 2011—Officials of the upcoming Hunter Hotel Investment Conference, one of the four major national annual hotel investment conferences, today said that a faster than anticipated hotel industry recovery has resulted in unexpectedly high pre-event registrations for the Conference to be held March 6-8 at the Atlanta Marriott Marquis in Georgia. 

“Pre-registration is the second highest in our 23-year history,” said Bob Hunter (top right photo), CEO of Hunter Realty and conference co-chair.  “Rising occupancies and positive movement in average daily room rate have certainly brightened the outlook.  Feedback from registrants indicates high interest in doing transactions and the improving financing environment”

A key indicator of the prevailing optimism is a return of lenders in large numbers to the conference, according to Lee Hunter (middle left photo), conference co-chair. 

“We already have 24 lenders attending and expect that number to climb,” he said.  “With substantially more hotels coming to market, both by owners and special servicers, we are already seeing considerable activity on the transaction front. 

“We expect a lot of interest in our panels on hotel values, ranging from what’s my hotel worth to buying and selling today.”

The conference is targeted to hotel owners and draws the largest percentage of investors and owners of all the major hotel investment conferences.

 Content this year is designed to provide that group with the creative strategies to take maximum advantage of the rebound.  The Hunter Hotel Investment Conference will present more than 100 speakers from 27 states in 25 sessions.

For more information on the program and to register, please visit the conference website at http://www.hunterconference.com/, or contact Bob Hunter or Nancy Petenbrink, Conference Director, at 770-916-0300 or by email at nancy.petenbrink@hunterhotels.net

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The conference headquarters is located at 300 Galleria Parkway, S-620, Atlanta, Ga. 30339.

Contact:  Jerry Daly, Chris Daly, Patrick Daly, Daly Gray Public Relations, (703) 435-6293

              

New Faces and Recognition at Grubb & Ellis

Robin Newton Appointed Vice President, Retail Group in Walnut Creek, CA

WALNUT CREEK, CA (Feb. 23, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that 27-year commercial real estate veteran Robin Newton (top right photo) has joined the company as vice president, Retail Group. 

 “With her expertise and successful track record, Robin will be a great resource for the company and our clients,” said Edward F. Del Beccaro, managing director, Walnut Creek.  “She is a tremendous addition to our growing team of high caliber retail professionals and will help us remain on the forefront of building our market share and facilitating our clients’ needs.”

Specializing in tenant and landlord representation, Newton joins Grubb & Ellis from Cornish & Carey Commercial Newmark Knight Frank.

Todd Henderson Joins Grubb & Ellis Landauer Valuation as Managing Director, Seattle

SEATTLE, WA  (Feb. 22, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Todd Henderson has joined Grubb & Ellis Landauer Valuation Advisory Services as managing director of its Seattle office.

“In Todd’s 18 years in the commercial real estate industry, he has developed a deep understanding of many property types throughout the Pacific Northwest,” said Chad Campbell (middle left photo), senior managing director, Pacific Northwest, Grubb & Ellis Landauer Valuation Advisory Services.  “I’m confident that we will be able to leverage Todd’s expertise and extensive relationships to help grow our business in Seattle.”

Henderson joins the company from CB Richard Ellis Valuation Advisory Services, where he was a senior appraiser.

 Contact: Julia McCartney, Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

Matthew Stoehr Named One of the ‘Top 35 to Watch’ by Realcomm

SANTA ANA, CA -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced Matthew Stoehr (lower right photo), chief information officer, has been named one of Realcomm’s “Top 35 to Watch in 2011.” 

The distinction honors individuals and organizations that are committed to furthering the use of innovative technologies in the commercial and corporate real estate industries.  This is the second time Stoehr has been named to the list.

 The distinction recognizes Stoehr in part for his role in orchestrating Grubb & Ellis’ strategic alliance with Manhattan Software, a first-of-its-kind information management system platform that combines Grubb & Ellis’ world-class real estate experts with an enterprise-system-level integration of all functions of real estate.

 Stoehr was previously honored by Realcomm in 2008.  He joined NNN Realty Advisors in 2005 and became the chief information officer of Grubb & Ellis after the companies merged in 2007. 

 For more information about Grubb & Ellis’ alliance with Manhattan Software, visit http://www.remanagementrevolution.com/

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Contact:  Erin Mays, Phone, 312.698.6735                              

Email:  erin.mays@grubb-ellis.com

               

          

HFF arranges $38 million in refinancing through Freddie Mac for Tampa area multi-housing communities

  

MIAMI, FL – HFF announced today that it has arranged refinancing totaling $38.0 million through Freddie Mac for The Addison (top left photo) and Courtney Trace Apartments (lower right photo) in Brandon, Florida.

HFF worked on behalf of a partnership between Case Pomeroy Properties and ContraVest to secure the two seven-year securitized loans, which will refinance construction loans originated when the properties were developed in 2006 and 2007. 

The loans, both with interest rates below five percent, will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  

The Addison and Courtney Trace are located at 2516 Annapolis Way and 1131 Courtney Trace Drive respectively, close to the Westfield Brandon Mall, Interstate 75 and the Lee Roy Selmon Expressway in Brandon.

  Both communities feature one-, two- and three-bedroom units and community amenities such as a fitness center with towel service, resort-style pool, tanning studio, sundeck area with grills, pet walk and care stations, and the security of a gated community.

The HFF team representing the borrower included director Elliott Throne and managing director Jim Cadranell.

Based in New York, New York and Jacksonville, Florida, Case Pomeroy Properties is a private company holding interests in real estate projects primarily in the southeastern United States. 

ContraVest is a private multi-housing development, construction, and property management company that was founded in 1986 and is based in Altamonte Springs (Orlando), Florida.

Contacts:

Elliott P. Throne, HFF Director, (305) 421-6549, ethrone@hfflp.com

Kristen R. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com,

                                                                                                                 

100 Florida Condo Projects Lose Fannie Mae Financing Approval

MIAMI, FL--More than 100 new, Florida condominium projects - including 28 in South Florida - have lost their financing approval certification from Fannie Mae in the last six months, making it more challenging for buyers to obtain mortgages when purchasing units in any of the buildings, according to a new report from CondoVultures.com.

As of Feb. 21, 2011, there are 160 new, Florida condominiums with the required financing certification needed for lenders to provide mortgages that would qualify to be resold on the secondary market to the public-private entity Fannie Mae and others that adhere to the same criteria.

The number of approved new, Florida condos could have been even lower if not for 31 new condominiums - with six projects in the tricounty South Florida region - obtaining Fannie Mae certification within the last six months to help offset the number of projects that did not have their approvals renewed, according to an analysis of Fannie Mae documentation. 

 
"Financing a new condo in Florida just got tougher for those buyers who lack the cash to purchase a unit with no mortgage," said Peter Zalewski (top right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"After a surge in new condo project approvals in 2009 and the first half of 2010, dozens of projects have failed to renew their certification with Fannie Mae. The unanswered question is, did the scrutiny become more stringent or did the projects simply decide the approval was unnecessary given the resistance by banks to originate mortgages for new, Florida condo purchases." 

Loan origination trends are to be discussed at the upcoming Condo Vultures® webinar entitled "Buying Mortgage Notes At Deep Discounts" on Tuesday, March 1, from 6.30 pm to 8 pm. Keynote speaker Rich Meyer of the Foreclosure Academy is scheduled to discuss the latest mortgage issues in Florida during the scheduled 90-minute live broadcast.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Hendricks & Partners Reports Sales of 3,302 Apartment Units in 2010

ORLANDO, FL--- The Orlando office of Hendricks & Partners, the nation’s largest multi-family advisory and research firm, reported it negotiated sales of 10 apartment properties in 2010 that total 3,302 units in the Southeast.

Cole Whitaker (top right photo), partner who heads the Orlando office of Hendricks & Partners and oversees the firm’s operations throughout the Southeast, said he and associate partner Hal Warren (lower left photo) negotiated all 10 multi-family property sales as well as sales of three Florida development sites that total 402 acres.

Multi-family property sales included two student housing properties, Whitaker said.

“We project that transactions involving apartment properties will increase in 2011 as the economy improves,” Whitaker said.

“We don’t foresee significant new construction region-wide,” Whitaker said, “However, in certain submarkets in the southeast, it makes sense to consider new multi-family development and we expect to see some new construction,” he said.

For more information, contact:  

Cole Whitaker, Southeast Partner, Hendricks & Partners 407-218-8880 cwhitaker@HPAPTS.com

Hal Warren, Associate Partner, Hendricks & Partners 407-218-8881 hwarren@HPAPTS.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

  

Industry Expert Says REITS Have Unique Ability to Benefit from Distressed Asset Sales

ATLANTA, GA, Feb. 22, 2011 – While the trauma is likely to continue in commercial real estate, that doesn’t necessarily mean REITS will suffer, said Brad Case (lower left photo), senior vice president at National Association of Real Estate Investment Trusts. In fact, REIT should benefit by taking acquiring distressed assets at discounted prices, he added.

Case made his comments during a guest appearance on the “The Commercial Real Estate Show,” a national talk radio show hosted by Michael Bull  (top right photo) on Biz 1190 WAFS in Atlanta.

“While investors may be forced into a distressed sale, REITS have access to capital and can pick up those properties,” Case said. “To a great extent, the bad news that people read about commercial mortgage defaults and distressed assets amounts to good news for REIT investors.”

Case was one of several guests on the most recent show, which focused exclusively on REITS.

Another guest, Jonathan Miniman, senior vice president at ING Clarion Real Estate Investment Management, said “U.S. REITS are expected to have positive earnings growth in 2011 and accelerating in 2012.” The entire show is available for download.

The next “Commercial Real Estate Show” will air Feb. 26 and will focus on asset and property management strategies. Guests will include Victor Calanog, director of research at Reis; Ron Goss, president of the Institute of Real Estate Management; Beth Machen, secretary treasurer of the Institute of Real Estate Management; and Harry Conley, president and CEO of Fifth Street Management Company.

Contact:  Laura Dudebout, (678) 642-4301

ldudebout@wilbertnewsstrategies.com

Jeffrey V. Farina Joins Prism Hotels & Resorts as Senior Vice President of Business Development

DALLAS, TX, Feb. 22, 2011—Officials at Prism Hotels and Resorts today announced that Jeffrey V. Farina (top right photo) has joined the company as senior vice president of business development.

 He will focus on seeking new third-party hotel management contracts, as well as joint-venture acquisitions.  He will be located in Prism’s New York office.

“While Prism is widely recognized as the expert in turning around distressed hotels, approximately 50 percent of our business is long-term hotel management contracts,” said Steve Van (lower left photo), Prism’s president and CEO.

  “We believe over the next three years, there will be great demand for our expertise from owners who want to benefit from our quick turn-around skill and our superior financial performance in all phases of the business cycle.  Jeff will be our primary point of contact for these groups. 

“Because we work so closely with special servicers and bankers with distressed assets, we have an acquisition pipeline that others don’t,” he noted.  “We have assembled a number of investment groups with different criteria who have the cash and flexibility to invest in individual assets and portfolios valued at up to $300 million.   Jeff will play a key role in putting those transactions together.”

Previously Farina was vice president of development for Windsor Capital Group, a privately held hotel management and development firm.

 Additional information about the company may be found at http://www.prismhotels.com/

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Contact: 

Kevin Gallagher,  Senior VP, Business Development, Prism Hotels & Resorts,

(219) 257-1039                                                                 

Jerry Daly or Chris Daly (Media), (703) 435-6293

jerry@dalygray.com or chris@dalygray.com